PGIL shareholders to vote on dividends at May 28 annual meeting
LONDON. April 3 (Interfax) - Shareholders in Jersey-based Polyus Gold International Ltd (PGIL, the controlling shareholder in Russia's OJSC Polyus Gold ), will vote on the final dividends for 2011's results at their annual meeting on May 28, the company said in a statement.
It was reported on Monday that, at a board of directors meeting on March 30, dividends for 2011 were approved at $0.0421 per share. The total payment is $115 million, or around 25% of total net profit according to international financial reporting standards (IFRS). The company posted $469 million in net profit for 2011 after the subtraction of non-controlling interests.
If the shareholders approve the dividend rate, the payout will be made on May 29. The register for shareholders able to receive payment will close at the end of the working day, London time, May 25. The payment might be the first in PGIL's history.
PGIL (formerly KazakhGold) controls 95.3% in Polyus Gold following an RTO transaction in 2011. Polyus Gold is Russia's leading gold production company, which develops ore and place deposits in the Krasnoyarsk Territory, Irkutsk, Magadan, and Amur regions, as well as Yakutia. The company also has operations in Kazakhstan, Romania and Kyrgyzstan, which previously belonged to KazakhGold. PGIL produced 1.5 million ounces of gold in 2011, including 117,000 ounces in Kazakhstan.
The main shareholders in PGIL are Suleiman Kerimov's Nafta Moskva with 40.2% and Mikhail Prokhorov's Onexim with 38.6%. A 7.5% treasury share stake is on the balance sheet of subsidiary company Jenington while the free float comes to 13.7%.